Shadowfax Technologies IPO Day 2 Update: The initial public offering of Shadowfax Technologies entered its second day of bidding on January 21, 2026, drawing mixed reactions from investors. While retail participation has remained encouraging, overall demand and grey market signals suggest a cautious tone around the IPO’s near-term listing prospects.
Shadowfax Technologies IPO Day 2 Subscription Status
As of Day 2, the IPO has been subscribed around 55–58% overall, with bids for nearly 5 crore shares against the 8.9 crore shares on offer. Retail investors continue to lead the charge, subscribing over 1.1 times their allocated quota, with some intraday data indicating demand close to 1.5x.
In contrast, institutional interest remains muted. Qualified Institutional Buyers (QIBs) have subscribed roughly 38%, while Non-Institutional Investors (NIIs) are at about 28%, reflecting a wait-and-watch approach from larger investors.
The public issue, worth Rs 1,907 crore, consists of a fresh issue of Rs 1,000 crore and an offer for sale (OFS) component. The IPO is priced in the range of Rs 118 to Rs 124 per share and will remain open for subscription until January 22, 2026. Shares are scheduled to list on the NSE and BSE on January 28, 2026.
Grey Market Premium (GMP) Trend
The IPO’s grey market premium has softened on Day 2. The GMP has slipped to around Rs 3–4 per share, translating to a modest 3–3.23% premium over the upper price band. This is a decline from nearly 5% on Day 1, indicating subdued expectations for listing-day gains amid concerns over valuation.
Shadowfax Technologies IPO Details
| Particulars | Details |
|---|---|
| Issue Size | Rs 1,907 crore |
| Price Band | Rs 118 – Rs 124 |
| Subscription (Day 2) | ~55–58% overall |
| Retail Subscription | 1.1x+ |
| QIB Subscription | ~38% |
| NII Subscription | ~28% |
| GMP | Rs 3–4 (approx. 3%) |
| Listing Date | January 28, 2026 |
Market experts and brokerages are largely advising caution. At an estimated valuation of Rs 7,100–7,169 crore, the IPO appears fully priced, especially given the company’s thin margins and customer concentration risks. While Shadowfax benefits from strong positioning in last-mile and e-commerce logistics, the low GMP suggests limited short-term upside.
For long-term, high-risk investors, the IPO may still be worth considering, particularly if QIB participation improves before the issue closes. Conservative investors, however, may prefer to wait for post-listing clarity before taking exposure.
Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice, stock recommendations, or an offer to buy or sell any securities. IPO investments are subject to market risks, including volatility and potential loss of capital. Investors are advised to read the Red Herring Prospectus (RHP) carefully, assess their risk appetite, and consult with a certified financial advisor before making any investment decisions. Past performance and grey market trends do not guarantee future returns.
References and sources
- https://economictimes.com/markets/stocks/live-blog/shadowfax-ipo-gmp-subscription-status-price-band-shadowfax-share-price-listing-date-expert-review-day-2/liveblog/126914428.cms
- https://www.indiaipo.in/news/detail/shadowfax-technologies-ipo-day-2-live-issue-booked-47-so-far-gmp-remains-tepid-should-you-bid
- https://cleartax.in/s/shadowfax-technologies-ipo-gmp
Yogesh Kolhe is a market and business news author with a focus on the automobile sector and gold and silver price movements, offering readers practical insights into industry and market trends.
